XML 51 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Income (Unaudited) (USD $)
Share data in Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Operating Revenues:        
Total operating revenues $ 5,339,000,000 $ 5,017,000,000 $ 14,450,000,000 $ 13,160,000,000
Other Income and (Expense):        
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries 718,000,000 [1],[2] 852,000,000 [1],[2] 1,680,000,000 [1],[3] 1,230,000,000 [1],[3]
Southern Company [Member]
       
Operating Revenues:        
Retail revenues 4,558,000,000 4,319,000,000 12,186,000,000 11,237,000,000
Wholesale revenues 600,000,000 520,000,000 1,719,000,000 1,406,000,000
Other electric revenues 169,000,000 166,000,000 503,000,000 477,000,000
Other revenues 12,000,000 12,000,000 42,000,000 40,000,000
Total operating revenues 5,339,000,000 5,017,000,000 14,450,000,000 13,160,000,000
Operating Expenses:        
Fuel 1,656,000,000 1,580,000,000 4,765,000,000 4,216,000,000
Purchased power 194,000,000 145,000,000 514,000,000 367,000,000
Other operations and maintenance 1,021,000,000 928,000,000 3,026,000,000 2,849,000,000
Depreciation and amortization 514,000,000 480,000,000 1,515,000,000 1,422,000,000
Taxes other than income taxes 258,000,000 243,000,000 751,000,000 710,000,000
Estimated loss on Kemper IGCC 418,000,000 150,000,000 798,000,000 1,140,000,000
Total operating expenses 4,061,000,000 3,526,000,000 11,369,000,000 10,704,000,000
Operating Income (Loss) 1,278,000,000 1,491,000,000 3,081,000,000 2,456,000,000
Other Income and (Expense):        
Allowance for equity funds used during construction 63,000,000 53,000,000 182,000,000 139,000,000
Interest expense, net of amounts capitalized (207,000,000) (202,000,000) (623,000,000) (628,000,000)
Other income (expense), net (7,000,000) (5,000,000) (20,000,000) (31,000,000)
Total other income and (expense) (151,000,000) (154,000,000) (461,000,000) (520,000,000)
Earnings (Loss) Before Income Taxes 1,127,000,000 1,337,000,000 2,620,000,000 1,936,000,000
Income taxes (benefit) 392,000,000 468,000,000 889,000,000 657,000,000
Net Income (Loss) 735,000,000 869,000,000 1,731,000,000 1,279,000,000
Less: Net income attributable to noncontrolling interest/Dividends on preferred and preference stock of subsidiaries 17,000,000 17,000,000 51,000,000 49,000,000
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries 718,000,000 852,000,000 1,680,000,000 1,230,000,000
Earnings per share (EPS) -        
Basic EPS (in dollars per share) $ 0.80 $ 0.97 $ 1.88 $ 1.41
Diluted EPS (in dollars per share) $ 0.80 $ 0.97 $ 1.87 $ 1.40
Average number of shares of common stock outstanding (in millions)        
Basic (in shares) 898 878 894 874
Diluted (in shares) 902 881 898 879
Cash dividends paid per share of common stock (in dollars per share) $ 0.5250 $ 0.5075 $ 1.5575 $ 1.5050
Alabama Power [Member]
       
Operating Revenues:        
Retail revenues 1,512,000,000 1,438,000,000 4,058,000,000 3,800,000,000
Wholesale revenues, non-affiliates 72,000,000 66,000,000 222,000,000 186,000,000
Wholesale revenues, affiliates 31,000,000 47,000,000 168,000,000 163,000,000
Other revenues 54,000,000 53,000,000 166,000,000 155,000,000
Total operating revenues 1,669,000,000 1,604,000,000 4,614,000,000 4,304,000,000
Operating Expenses:        
Fuel 442,000,000 467,000,000 1,288,000,000 1,240,000,000
Purchased power, non-affiliates 57,000,000 36,000,000 153,000,000 84,000,000
Purchased power, affiliates 54,000,000 30,000,000 140,000,000 102,000,000
Other operations and maintenance 334,000,000 316,000,000 989,000,000 965,000,000
Depreciation and amortization 174,000,000 170,000,000 521,000,000 487,000,000
Taxes other than income taxes 88,000,000 85,000,000 265,000,000 262,000,000
Total operating expenses 1,149,000,000 1,104,000,000 3,356,000,000 3,140,000,000
Operating Income (Loss) 520,000,000 500,000,000 1,258,000,000 1,164,000,000
Other Income and (Expense):        
Allowance for equity funds used during construction 15,000,000 7,000,000 36,000,000 23,000,000
Interest expense, net of amounts capitalized (63,000,000) (65,000,000) (188,000,000) (196,000,000)
Other income (expense), net 3,000,000 0 (5,000,000) 1,000,000
Total other income and (expense) (45,000,000) (58,000,000) (157,000,000) (172,000,000)
Earnings (Loss) Before Income Taxes 475,000,000 442,000,000 1,101,000,000 992,000,000
Income taxes (benefit) 183,000,000 174,000,000 429,000,000 390,000,000
Net Income (Loss) 292,000,000 268,000,000 672,000,000 602,000,000
Dividends on Preferred and Preference Stock 10,000,000 10,000,000 30,000,000 30,000,000
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries 282,000,000 258,000,000 642,000,000 572,000,000
Georgia Power [Member]
       
Operating Revenues:        
Retail revenues 2,452,000,000 2,314,000,000 6,502,000,000 5,922,000,000
Wholesale revenues, non-affiliates 80,000,000 77,000,000 269,000,000 212,000,000
Wholesale revenues, affiliates 7,000,000 3,000,000 38,000,000 14,000,000
Other revenues 92,000,000 90,000,000 277,000,000 260,000,000
Total operating revenues 2,631,000,000 2,484,000,000 7,086,000,000 6,408,000,000
Operating Expenses:        
Fuel 684,000,000 691,000,000 2,055,000,000 1,767,000,000
Purchased power, non-affiliates 77,000,000 64,000,000 219,000,000 175,000,000
Purchased power, affiliates 172,000,000 152,000,000 522,000,000 503,000,000
Other operations and maintenance 456,000,000 402,000,000 1,334,000,000 1,230,000,000
Depreciation and amortization 211,000,000 201,000,000 628,000,000 605,000,000
Taxes other than income taxes 111,000,000 102,000,000 320,000,000 292,000,000
Total operating expenses 1,711,000,000 1,612,000,000 5,078,000,000 4,572,000,000
Operating Income (Loss) 920,000,000 872,000,000 2,008,000,000 1,836,000,000
Other Income and (Expense):        
Allowance for equity funds used during construction 13,000,000 11,000,000 29,000,000 24,000,000
Interest expense, net of amounts capitalized (88,000,000) (92,000,000) (262,000,000) (279,000,000)
Other income (expense), net 1,000,000 (1,000,000) 0 (2,000,000)
Total other income and (expense) (74,000,000) (82,000,000) (233,000,000) (257,000,000)
Earnings (Loss) Before Income Taxes 846,000,000 790,000,000 1,775,000,000 1,579,000,000
Income taxes (benefit) 317,000,000 299,000,000 660,000,000 600,000,000
Net Income (Loss) 529,000,000 491,000,000 1,115,000,000 979,000,000
Dividends on Preferred and Preference Stock 4,000,000 4,000,000 13,000,000 13,000,000
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries 525,000,000 487,000,000 1,102,000,000 966,000,000
Gulf Power [Member]
       
Operating Revenues:        
Retail revenues 365,971,000 335,916,000 979,435,000 901,343,000
Wholesale revenues, non-affiliates 33,689,000 29,431,000 103,616,000 82,533,000
Wholesale revenues, affiliates 20,591,000 16,701,000 96,996,000 65,206,000
Other revenues 18,083,000 17,313,000 48,950,000 47,726,000
Total operating revenues 438,334,000 399,361,000 1,228,997,000 1,096,808,000
Operating Expenses:        
Fuel 164,497,000 136,216,000 478,163,000 397,409,000
Purchased power, non-affiliates 26,813,000 17,180,000 56,605,000 41,369,000
Purchased power, affiliates 3,611,000 15,829,000 19,299,000 30,075,000
Other operations and maintenance 85,097,000 76,964,000 250,425,000 232,472,000
Depreciation and amortization 38,487,000 37,345,000 109,354,000 111,479,000
Taxes other than income taxes 31,229,000 28,051,000 83,786,000 75,437,000
Total operating expenses 349,734,000 311,585,000 997,632,000 888,241,000
Operating Income (Loss) 88,600,000 87,776,000 231,365,000 208,567,000
Other Income and (Expense):        
Allowance for equity funds used during construction 3,195,000 1,663,000 8,276,000 4,318,000
Interest expense, net of amounts capitalized (12,859,000) (13,988,000) (39,417,000) (42,650,000)
Other income (expense), net (627,000) (337,000) (1,857,000) (2,704,000)
Total other income and (expense) (10,291,000) (12,662,000) (32,998,000) (41,036,000)
Earnings (Loss) Before Income Taxes 78,309,000 75,114,000 198,367,000 167,531,000
Income taxes (benefit) 29,511,000 28,109,000 74,228,000 62,950,000
Net Income (Loss) 48,798,000 47,005,000 124,139,000 104,581,000
Dividends on Preferred and Preference Stock 2,251,000 2,251,000 6,752,000 5,453,000
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries 46,547,000 44,754,000 117,387,000 99,128,000
Mississippi Power [Member]
       
Operating Revenues:        
Retail revenues 228,331,000 230,710,000 646,695,000 613,274,000
Wholesale revenues, non-affiliates 82,952,000 82,937,000 254,642,000 219,984,000
Wholesale revenues, affiliates 38,639,000 6,999,000 81,593,000 31,242,000
Other revenues 4,701,000 4,560,000 13,829,000 13,075,000
Total operating revenues 354,623,000 325,206,000 996,759,000 877,575,000
Operating Expenses:        
Fuel 168,708,000 138,148,000 458,976,000 384,905,000
Purchased power, non-affiliates 3,475,000 2,077,000 16,163,000 5,222,000
Purchased power, affiliates 1,966,000 14,691,000 16,630,000 28,302,000
Other operations and maintenance 65,758,000 56,907,000 191,923,000 166,175,000
Depreciation and amortization 23,382,000 22,202,000 70,318,000 67,644,000
Taxes other than income taxes 22,344,000 21,071,000 63,198,000 60,760,000
Estimated loss on Kemper IGCC 418,000,000 150,000,000 798,000,000 1,062,000,000
Total operating expenses 703,633,000 405,096,000 1,615,208,000 1,775,008,000
Operating Income (Loss) (349,010,000) (79,890,000) (618,449,000) (897,433,000)
Other Income and (Expense):        
Allowance for equity funds used during construction 32,223,000 32,624,000 107,685,000 87,740,000
Interest expense, net of amounts capitalized (9,416,000) (8,728,000) (34,071,000) (29,526,000)
Other income (expense), net (7,764,000) (375,000) (11,496,000) (4,184,000)
Total other income and (expense) 15,043,000 23,521,000 62,118,000 54,030,000
Earnings (Loss) Before Income Taxes (333,967,000) (56,369,000) (556,331,000) (843,403,000)
Income taxes (benefit) (139,330,000) (32,687,000) (253,007,000) (355,156,000)
Net Income (Loss) (194,637,000) (23,682,000) (303,324,000) (488,247,000)
Dividends on Preferred and Preference Stock 433,000 433,000 1,299,000 1,299,000
Net Income (Loss) After Dividends on Preferred and Preference Stock of Subsidiaries (195,070,000) (24,115,000) (304,623,000) (489,546,000)
Southern Power [Member]
       
Operating Revenues:        
Wholesale revenues, non-affiliates 331,878,000 265,752,000 870,093,000 705,828,000
Wholesale revenues, affiliates 102,631,000 96,795,000 242,527,000 263,624,000
Other revenues 747,000 2,220,000 2,293,000 5,517,000
Total operating revenues 435,256,000 364,767,000 1,114,913,000 974,969,000
Operating Expenses:        
Fuel 178,281,000 133,464,000 420,896,000 363,466,000
Purchased power, non-affiliates 28,156,000 19,673,000 72,643,000 56,553,000
Purchased power, affiliates 12,796,000 7,011,000 58,475,000 21,158,000
Other operations and maintenance 46,347,000 41,309,000 168,392,000 154,920,000
Depreciation and amortization 59,508,000 41,094,000 162,524,000 126,152,000
Taxes other than income taxes 5,458,000 5,719,000 16,842,000 16,526,000
Total operating expenses 330,546,000 248,270,000 899,772,000 738,775,000
Operating Income (Loss) 104,710,000 116,497,000 215,141,000 236,194,000
Other Income and (Expense):        
Interest expense, net of amounts capitalized (22,983,000) (12,961,000) (66,952,000) (53,923,000)
Other income (expense), net 5,511,000 (791,000) 5,596,000 (2,739,000)
Total other income and (expense) (17,472,000) (13,752,000) (61,356,000) (56,662,000)
Earnings (Loss) Before Income Taxes 87,238,000 102,745,000 153,785,000 179,532,000
Income taxes (benefit) 21,960,000 17,592,000 22,177,000 37,265,000
Net Income (Loss) 65,278,000 85,153,000 131,608,000 142,267,000
Less: Net income attributable to noncontrolling interest/Dividends on preferred and preference stock of subsidiaries 1,647,000 0 3,694,000 0
Net income attributable to Southern Power Company $ 63,631,000 $ 85,153,000 $ 127,914,000 $ 142,267,000
[1] After dividends on preferred and preference stock of subsidiaries.
[2] Segment net income (loss) for the traditional operating companies for the three months ended September 30, 2014 and September 30, 2013 includes a $418.0 million pre-tax charge ($258.1 million after tax) and a $150.0 million pre-tax charge ($92.6 million after tax), respectively, for estimated probable losses on the Kemper IGCC. See Note (B) under "Integrated Coal Gasification Combined Cycle – Kemper IGCC Schedule and Cost Estimate" herein for additional information.
[3] Segment net income (loss) for the traditional operating companies for the nine months ended September 30, 2014 and September 30, 2013 includes $798.0 million in pre-tax charges ($492.8 million after tax) and $1.14 billion in pre-tax charges ($704.0 million after tax), respectively, for estimated probable losses on the Kemper IGCC. See Note (B) under "Integrated Coal Gasification Combined Cycle – Kemper IGCC Schedule and Cost Estimate" herein for additional information.